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41.
AUTOMATIC PHONE PRICE OF $6,300,000
SLUMPS TO $1,000,000 TAX FIGURE
Chicago Tunnel Co. officers, own
ers and lawyers have been clamoring
two years in council and gas-oil com
mittee. They want permission to sell
GEN. B. F. TRACY, "FATHER OF
FIGHTING NAVY," DEAD
OWTOEE'?OCOUkvKwCKJSJ
New York, Aug. 7. Gen. Benj. P.
Tracy, 85, secretary of the navy
under Pres. Harrison, and. known as
"father of the fighting navyj" died of
paralysis.
Gen. Tracy was admitted to the bar
at the age of 21; at 23 was elected
district attorney of Tioga county;
helped Horace Greeley organize Re
publican party in New York state at
25; served as colonel in the civil war
and was brevetted brigadier general
of volunteers at close of war. At 51
was judge New York court of ap
peals; at 59 secretary of navy and at
63 resumed his general law practice.
the Automatic phone system to the
Chicago Telephone Co. for $6,300,
000. B. F. Sunny, head of Chi. Tel.
Co., says he is willing to pay $6,300,
000 for the Automatic.
Yesterday S. W. Tracy, vice presi
dent tunnel company, filed a tax
statement with the board of review.
It says the whole Automatic phone
system and all the tunnels are worth
$1,000,000.
Ralph M. Shaw, lawyer for bond
holders, shouted before council com
has a "book value" of $29,000,000.
The board of assessors said it's
worth $7,000,000. And now Vice
Pres. Tracy wants the figure cut to
$1,000,000.
"We believe that at Ihe present
time our company is overassessed be
yond all reason," writes Tracy. "Orig
inal cost of construction has no bear
ing on present value. The worth of
the property is usually based on the
amount the property is able to earn.
The current quotations of stock and
i bftnds of a concern usually offer an
indication of its value. The capital
stock of the tunnel properties has
no market value whatever. The first
mortgage bonds are being offered at
$150 and $200 for a $1,000 bond,
which would place a valuation on all
the property owned by the tunnel
company of about $1,000,000. The
tunnel property cannot be said to
have any value, except such as may
be contingent upon future develop
ments, which are problematical"
The Herald seems to be the only
paper interested in printing the news
about this tax statement It ran a
story by Oscar Hewitt this morning.
Examiner and Trib registered zero
on Automatic phone news and tax
dodging news.
o o
Washington. Country's principal
express companies earned, net,
$2,001,803 in ten months ending April
30, against $1,712,353 previous year.
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